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Oil prices fall as US crude inventories rise

The Address | Benghazi – Libya

LIBYA – Oil fell to its lowest level in two weeks on Thursday, extending losses from the previous session amid turbulence in global equity markets and with prices also affected by a report showing US crude inventories higher than expected.

Concerns about the supply have eased after oil assets survived, apparently from Hurricane Michael, which struck Florida and caused at least one death and extensive damage.

As of 06:24 GMT, Brent crude futures were down $ 1.15, or 1.4 percent, at $ 81.94 a barrel. Crude earlier touched its lowest level since September 27 at $ 81.35 after closing down 2.2 percent on Wednesday.

US crude futures were down 91 cents, or 1.2 percent, at $ 72.26, after also falling to their lowest since Sept. 27. Crude fell 2.4 percent in the previous session.

Asian stock markets tumbled today after the US stock market suffered its worst loss in eight months, which could threaten corporate confidence and investment around the world.

US crude inventories rose more-than-expected last week, gasoline stocks rose, while distillates fell, the US Petroleum Institute said Wednesday.

Crude stocks rose 9.7 million barrels over the week ending October 5 to 410.7 million barrels, while analysts forecast a 2.6 million barrel increase.

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